Onity Group (NYSE:ONIT) Stock Rating Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of Onity Group (NYSE:ONIT) from a sell rating to a strong sell rating in a research note issued to investors on Sunday,Wall Street Zen reports.

Several other research firms have also weighed in on ONIT. BTIG Research lowered their target price on shares of Onity Group from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Keefe, Bruyette & Woods reduced their price target on shares of Onity Group from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Finally, Weiss Ratings lowered shares of Onity Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.00.

Onity Group Price Performance

Shares of ONIT opened at $25.72 on Friday. Onity Group has a 52 week low of $24.86 and a 52 week high of $54.10. The company has a current ratio of 16.60, a quick ratio of 16.60 and a debt-to-equity ratio of 11.41. The firm has a market cap of $214.76 million, a price-to-earnings ratio of 1.66 and a beta of 1.49. The stock has a 50 day moving average of $31.37 and a 200-day moving average of $36.33.

Onity Group (NYSE:ONIT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($1.53) earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($2.48). Onity Group had a net margin of 12.34% and a return on equity of 8.27%. The firm had revenue of $281.00 million during the quarter, compared to the consensus estimate of $272.45 million.

Institutional Investors Weigh In On Onity Group

A number of hedge funds have recently added to or reduced their stakes in ONIT. Dimensional Fund Advisors LP boosted its stake in Onity Group by 5.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 464,448 shares of the company’s stock valued at $18,238,000 after purchasing an additional 25,390 shares during the period. Bank of New York Mellon Corp acquired a new stake in Onity Group in the 2nd quarter valued at approximately $1,062,000. First Trust Advisors LP raised its stake in Onity Group by 6.4% during the 1st quarter. First Trust Advisors LP now owns 21,408 shares of the company’s stock valued at $841,000 after acquiring an additional 1,280 shares in the last quarter. Gratia Capital LLC bought a new stake in shares of Onity Group during the second quarter valued at about $835,000. Finally, Bank of America Corp DE lifted its stake in shares of Onity Group by 120.4% in the 1st quarter. Bank of America Corp DE now owns 16,734 shares of the company’s stock worth $657,000 after acquiring an additional 9,142 shares during the period. 70.16% of the stock is currently owned by institutional investors.

Onity Group Company Profile

Onity Group Inc (NYSE: ONIT), formerly known as Ocwen Financial Corporation, is a financial services company focused on residential mortgage loan servicing and origination. The company works with mortgage investors, lenders, financial institutions and government-sponsored entities to manage home loans throughout their life cycle.

Through its servicing operations, Onity provides payment processing, borrower assistance, default management, foreclosure prevention and other administrative services for residential mortgages.